Auction Activity Slumps as Melbourne Goes to the Races

The first week of November saw fewer homes taken to auction across the combined capital cities, after last week recorded the fifth busiest week for auctions this year (2,928). There were a total of 1,529 auctions held this week returning a preliminary auction clearance rate of 47.4 per cent, increasing only slightly on last week’s final clearance rate of 47 per cent. As the remaining results are collected, the final clearance rate will see its usual downward revision and likely come in…